Over the past month, CNN broadcaster Anderson Cooper has made a variety of public appearances, discussing his new book, Vanderbilt: The Rise and Fall of an American Dynasty, which charts his family story on his mother's side. Cooper is descended from one of American history's wealthiest individuals, Cornelius Vanderbilt. However, in recent years, the family has maintained a different approach to inherited wealth.
Vanderbilt: The Rise and Fall of an American Dynasty
In a recent interview, Cooper noted that, despite his family's money, he will not be leaving his 17-month-old son, Wyatt, a large inheritance. He's modeling the plan after his mother, Gloria Vanderbilt's own.
"I'm not that interested in money, but I don't intend to have some sort of pot of gold for my son," Cooper said on Air Mail's Morning Meeting podcast. "I'll go with what my parents said … 'College will be paid for, and then you gotta get on it.'"
"I don't believe in passing on huge amounts of money," Cooper continued.
The broadcaster noted that this approach informed his own childhood. The Vanderbilts were once the wealthiest family in America, building sprawling mansions throughout the East Coast. However, the family eventually lost much of their wealth, forcing many of the homes to be torn down or turned into museums.
Cooper noted, "I grew up watching money being lost and knowing it was being lost, and from a very young age I was very aware of 'this is not me—this is money my mom has, but it's not money I'm going to have and I need to forge my own way.'"
